Mortgage Rates Soar & 3 Reasons Home Buyers Are Still Active
Rates have been rising in recent months, but that hasn't stopped home buyers from entering the market. According to the National Association of Realtors, home sales in May were up 8.6% from the same month last year. Mortgage rates are higher, but that's not stopping renters from becoming homeowners.
There are at least 3 things driving home sales in this market:
Firstly, the supply of homes for sale is still very limited. Buyers are aware that they're still facing competition since the availability of land is limited.
Secondly, buyers are motivated by the fear of missing out, further due to their Goldilock syndrome. They've realized that the rates have already doubled since early 2021 and are likely to continue rising. They simply want to take advantage of today's rates before it's too late.
Thirdly, it's a simple choice: buy a home at today's interest rate and build equity or pay rent, which is like paying 100% interest towards your landlords home.
Buyers understand that despite rising mortgage rates being a challenge, they can still overcome it. They can explore tips and strategies I've given them access to through videos & my book or simply just give me a call. Happy Househunting & Stay blessed! 

written by: Mohamed T Gulamali "Mortgage Mo" 

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